This article has been updated to include an episode of the AARP podcast, "The Perfect Scam."
Pop quiz: Which of the following three women wasn’t using her brain when she fell hard for a romance scammer?
A. A Scottsdale, Arizona, woman, 37, visits a handsome, 6-foot, 1-inch rapper in Los Angeles. After connecting online, messaging and talking, this is their first in-person meeting. The next Monday, $3,000 is missing from her account. He’s blocked her number and she can’t remember his address.
B. An Atlanta-area woman bids on a house with her tall, dark and handsome fiancée. She gives him more than $80,000 toward the home to prove she’s serious about their future. She’s known this “millionaire” less than a week.
C. A Charlotte, North Carolina, woman believes she will soon marry a chemical engineer working on assignment in Malaysia. She’s met her silver-haired sweetie on a dating site, but never in real life, yet she wires him her retirement savings of $300,000.
Who’s the dummy? If you’ve answered A, B, C or any combination of the three … you’re wrong. These women’s brains were likely working just fine. It’s what sweetheart swindlers know about our neural functioning when we’re in love that helps them exploit victims. And this is important to understand. Because we read these stories and think I would never fall for something like this. We’re older and wiser, right? Well, victims ages 40 to 69 are the likeliest to have lost money to a romance scammer, according to the Federal Trade Commission (FTC), so that’s a false sense of security.
In fact, according to the agency, over 21,000 people reported having been a target of a romance scam in 2018. Romance scams top the list of consumer fraud in terms of total losses. That same year, those who lost their hearts to a con artist also lost a total of $143 million. The median loss per victim in 2018 was $2,600, seven times higher than for other types of consumer fraud. Folks over 70 lost an average of $10,000.